UK Commercial Property REIT in £25m Sussex warehouse deal

UK Commercial Property REIT said it had bought three new warehouses being built near Gatwick airport via GBP25m in forward funding. The asset is expected to show an attractive development yield of 5.8% a year, the company said on Wednesday. It added that the development is due to complete in early summer 2022 when it will deliver around 107,000 sq ft of new multi let industrial space across three units.

Two of the units, covering 56% of the total, are already pre let on a 15 year lease to CGG Services, a global leader in geoscience technology, at an average rent of GBP13 per sq ft.